Author: Mwangi Waithaka

Extra income is at least one additional source of income that helps you earn more money in addition to your regular earnings. Income is your total earnings in the form of money or value that you or another entity, like a business, receives from doing work, in exchange for products or services, or from investments. An income is usually received regularly, for example, your wages and salaries, the return on investments, pension distributions, and other receipts. Sources of extra income These are the various ways people and businesses earn money. There are two sources of income: active and passive income. What…

Employment means having a job or the state of being employed. There are in simple terms two basic ways in which money can be made. You can either can work for yourself or work for someone else and be paid for it. If you earn your income through your own business, then you are said to be a self-employed person. When you earn your income by offering their services to others, you are an employed. If someone decides to employ a person, they have to pay them a salary or a wage. The person who hires others is called the…

A business is an activity undertaken by people or organizations to generate profit. Profit is the additional income that a business gets after subtracting its expenses in delivering goods and services to consumers. Businesses are entities that provide goods and services to gain profit. Why business is important Why Businesses Exist They exist for the following reasons: ⦁ To make a profit. Profit is the main objective of business operations. It is done by commitment of people’s time and other resources in the organization. ⦁ To create and provide goods and services (products) to satisfy the wants and needs of different buyers.…